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How Aerospace and Defense Industry can Benefit from Blockchain
A recent research by Accenture states that almost 86 percent of the aerospace and defense companies are on track to integrate blockchain into their corporate systems over the next three years. With blockchain—one of the most promising technologies today—these companies will be able to share information securely across multiple stakeholders. In addition, the secure, rigid and decentralized features of blockchain technology can help these companies boost aircraft availability, reduce maintenance costs, and also minimize errors in tracking parts of an aircraft.
Especially, the nature of data that these companies possess, coupled with repercussions of a security breach, is what inclines aerospace and defense companies’ towards adopting blockchain.
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While 86 percent of the aerospace and defense companies participating in the survey expressed their readiness for blockchain, this percentage was quite higher than almost all other industries. The survey also marks the various data challenges that blockchain technology could potentially overcome. As many as 70 percents of the executives of these aerospace and defense companies were of the opinion that infiltrations into their data-driven information systems could be prevented using blockchain technology.
Furthermore, almost one-third of them pointed out how in spite of organizations’ most important systems and strategies relying on data there is a lack of investment in capabilities that substantiate the accuracy of data. However, 73 percent believed that automated systems were responsible to create new risks and threats including false data as well as data manipulation. Blockchain technology is capable of helping companies recognize this fake data and verify its authenticity, thus providing a secure and immutable data chain. Additionally, blockchain technology can also assist aerospace and defense companies in tracking and providing consistent aircraft configuration data for the entire supply chain as opposed to the traditional practice of rarely integrating information with other companies’ data.
Another research report by Accenture showcases the advantages of blockchain functioning in tandem with digital twins—digital representations of physical objects. A large heterogeneous combination of interconnected data-flows can provide more effective ways to share data throughout the designing and manufacturing processes, resulting in faster production, lower costs, superior maintenance, and regular upgrades. This can take the aerospace and defense industry to greater levels of performance, security, data veracity, and efficiency.
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